Custodian Property Income amends terms with manager to sweeten abrdn Property takeover bid

Battle with Urban Logistics

Custodian Property Income REIT (CREI) has amended the terms of its investment management agreement with Custodian Capital in an attempt to sweeten its takeover bid for abrdn Property Income (API).

In a stock exchange notice today (13 March), the trust said Custodian Capital's term of appointment will no longer be extended until the end of a transition period.  This means that after the recommended merger is completed, CREI can terminate Custodian Capital's appointment with just 12 months' notice. The manager has also agreed to waive a one-time project fee for its additional work on the merger. This fee, originally set at £350,000, will not be charged at all, nor will the planned reduction of the fee to £75,000 in the event the merger does not go through. Custodian Property I...